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A taxi driver from El Salvador utilized Bitcoin (BTC) to establish a car rental business and promote the cryptocurrency’s viability as a payment method.
According to AFP (via Mileno), Napoleon Osorio (39) leveraged BTC adoption to transition from unemployment to operating his own company within three years.
Success Story of El Salvador Taxi Driver with BTC
Osorio informed the news outlet that he employs 21 drivers at his BitDriver taxi service. He also mentioned that he has generated sufficient profits from BTC price increases “to purchase four rental vehicles.”
Thank you @AFP for labeling us wealthy!
On a lighter note, this is an excellent article about how we navigated tough times with #Bitcoin and a lot of effort! @elisuademo you’re amazing!https://t.co/PMX12vATVo
— Bitdriver (@bitdriver_sv) September 7, 2024
https://t.co/PMX12vATVoThe entrepreneur has also emerged as a Bitcoin advocate in the first country to recognize BTC as legal tender.
He asserts that his company is “the first taxi service” in El Salvador to accept BTC. He further stated that his success with BTC has alleviated his financial struggles regarding his teenage children’s education.
Osorio noted that American BTC supporter John Dennehy, founder of the NGO My First Bitcoin, “motivated him to accept payments in the cryptocurrency.”
The founder of BitDriver has since formed a partnership with My First Bitcoin (known as Mi Primer Bitcoin in El Salvador).
This journey seems to have elevated him to notable heights. Osorio recently shared an update on his Instagram featuring a photo of himself in a Salvadoran Presidential office.
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Source: napoleonosorio/Instagram
The NGO primarily operates in El Salvador and states that it conducts BTC “education initiatives.”
We’ve educated 35,000 students about #bitcoin.
Discover how we aim to reach 100,000 students.
We’ve introduced bitcoin to tens of thousands of students in El Salvador in under three years. But this is merely the start!https://t.co/zhkyb5c1Ms
Assist us with a… pic.twitter.com/ncAzfajGaf— Mi Primer Bitcoin (@MyfirstBitcoin_) August 13, 2024
Numerous Caveats
Nonetheless, similar to many mainstream media reports on Bitcoin adoption in El Salvador, the AFP article included several caveats.
The news agency cited Laura Andrade, Director of the University Institute for Public Opinion, stating:
“From the outset […] it was evident that [Bitcoin adoption] was […] a misguided measure that the populace rejected.”
The author of the report highlighted that “while Osorio has become relatively affluent through Bitcoin,” a study conducted by the same organization “indicated that 88% of Salvadorans had yet to utilize it.”
Salvadoran President Nayib Bukele, who is the architect behind the nation’s BTC adoption strategy, has asserted that the government holds approximately $400 million worth of Bitcoin in offline (cold) wallets.
“We presented Bitcoin as an option. And those who opted to use it have reaped benefits from [Bitcoin price] increases.”
El Salvador President Nayib Bukele
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